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TMI Blog2020 (10) TMI 217X X X X Extracts X X X X X X X X Extracts X X X X ..... 3928, and Shri Rajesh Benara and Shri Pratham Benara, being the Promoters and Directors has filed this application on behalf of the Corporate Applicant on the basis of board resolution dated 28.11.2018. 2. Corporate Applicant has also proposed the name of Mr. Arun Chadha to act as Interim Resolution Professional (IRP); Registration No. IBBI/IPA-001/IP-P00165/2017-18/10334 and a copy of Form-2 under Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 is attached herewith and annexed as Annexure 6(2). 3. It is stated that the Corporate Debtor availed the Financial/Creditor facilities Kotak Mahindra Bank and Indusind Bank. The Corporate Debtor due to some reasons beyond control failed to regularize ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subsection (1) shall be filed in such form, containing such particulars and in such manner and accompanied with such fee as may be prescribed. (3) The corporate applicant shall, along with the application furnish the information relating to-- (a) its books of account and such other documents relating to such period as may be specified; and (b) the resolution professional proposed to be appointed as an interim resolution professional. (4) The Adjudicating Authority shall, within a period of fourteen days of the receipt of the application, by an order-- (a) admit the application, if it is complete; or (b) reject the application, if it is incomplete, Provided that Adjudicating Authority shall, before rejecting an application, gi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mited vs. Punjab National Bank and others" - Company Appeal (AT) (Insolvency) 81/2017 in the matter of Company Appeal (AT) (Insolvency) 100/2017 Leo Duct Engineers & Consultants Limited vs. Canara Bank & Standard Chartered Bank and held as under: "20. Under both Section 7 and Section 10, the two factors are common i.e. the debt is due and there is a default. Sub-section (4) of Section 7 is similar to that of sub-section (4) of Section 10. Therefore, we hold that the law laid down by the Hon'ble Supreme Court in "Innoventive Industries Ltd. (Supra) is applicable for Section 10 also, wherein the Hon'ble Supreme Court observed as "The moment the adjudicating authority is satisfied that a default has occurred, the application must be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o admit the application and cannot reject the application on any other ground. 23. Any fact unrelated or beyond the requirement under I & B Code or Forms prescribed under Adjudicating Authority Rules (Form 6 in the present case) are not required to be stated or pleaded. Non-disclosure of any fact, unrelated to Section 10 and Form 6 cannot be termed to be suppression of facts or to hold that the Corporate Applicant has not come with clean hand except the application where the 'Corporate Applicant' has not disclosed disqualification, if any, under Section 11. Nondisclosure of facts, such as that the 'Corporate Debtor' is undergoing a corporate insolvency resolution Comp. App. (AT) (Insolvency) No. 81/2017 2 3 process; or tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d under Section 13 and prohibition that may be imposed under Section 14 of I & B Code, 25. Similarly, if any action has been taken by a 'Financial Creditor' under Section 13(4) of the SARFAESI Act, 2002 against the Corporate Debtor or a Comp. App. (AT) (Insolvency) No. 81/2017 24 suit is pending against Corporate Debtor under Section 19 of DRT Act, 1993 before a Debt Recovery Tribunal or appeal pending before the Debt Recovery Appellate Tribunal cannot be a ground to reject an application under Section 10, if the application is complete. 26. Any proceeding under Section 13(4) of the SARFAESI Act, 2002 or suit under Section 19 of the DRT Act, 1993 pending before Debt, Recovery Tribunal or appeal pending before Debt Recovery Appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in possession of the Corporate Debtor. III. That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during the Moratorium period. IV. That the provisions of Section 14 Sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. V. That this Bench at this moment appoints Mr. Arun Chadha; Registration No. IBBI/IPA-001/IP-POO 165/2017-18/10334 as Interim Resolution Professional to carry the functions as mentioned under Insolvency and Bankruptcy Code. VI. That the public announcement of Corporate Insolvency Resolution Process is made immediately as specified under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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